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Howard Marks Oaktree Capital Management
AUM
$7.21B
Turnover
17.09%
1-Year Est. Return
45.97%
Howard Marks is co-founder of Oaktree Capital Management, a leading firm in credit, distressed debt, and alternative credit strategies. He is equally well known for his widely read client memos on market cycles, risk, and investor psychology. Marks’s investing philosophy stresses second-level thinking, asymmetric risk/reward, and the importance of understanding where markets sit in the credit cycle.
This Fund
S&P 500
This Quarter Est. Return
-1.47%
1 Year Est. Return
+45.97%
3 Year Est. Return
+88.04%
5 Year Est. Return
+157.91%
10 Year Est. Return
+691.44%
AUM
$7.6B
AUM Growth
-$1.45B
(-16%)
Cap. Flow
-$1.96B
Cap. Flow % of AUM
Cap. Flow %
-25.86%
Top 10 Holdings %
Top 10 Hldgs %
54.51%
Holding
304
New
7
Increased
7
Reduced
20
Closed
66
Avg Time Held
Equity + Options
1.4
years
Top 10 Avg Time Held
Equity + Options
2.2
years
Top 20 Avg Time Held
Equity + Options
2.1
years
Avg Time Held Equity only
1.4
years
Top 10 Avg Time Held Equity only
2.3
years
Top 20 Avg Time Held Equity only
2.2
years
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Garrett Motion
GTX
|
+$325M |
| 2 |
Infosys
INFY
|
+$57.9M |
| 3 |
JD.com
JD
|
+$36.8M |
| 4 |
Sociedad Química y Minera de Chile
SQM
|
+$35.9M |
| 5 |
Banco Bradesco
BBD
|
+$29.4M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
GTXAP
Garrett Motion Inc. Series A Cumulative Convertible Preferred Stock
GTXAP
|
+$612M |
| 2 |
Eagle Bulk Shipping Inc.
EGLE
|
+$172M |
| 3 |
Vistra
VST
|
+$152M |
| 4 |
Weatherford International
WFRD
|
+$109M |
| 5 |
Expand Energy Corp
EXE
|
+$98.1M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Energy | 33.31% |
| 2 | Miscellaneous | 17.38% |
| 3 | Financials | 12.75% |
| 4 | Industrials | 8.58% |
| 5 | Materials | 6.45% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
1
TORM
TRMD
$3.58B
| $1.29B | 17.04% |
53,812,988
| – | – |
2018 Q3
19 quarters
|
|
|
2
Expand Energy Corp
EXE
$19.7B
| $615M | 8.1% |
7,350,000
-1,229,879
| -14% | -$98.1M |
2021 Q1
9 quarters
|
|
3
Star Bulk Carriers
SBLK
$3.13B
| $461M | 6.07% |
26,067,483
| – | – |
2013 Q3
39 quarters
|
|
|
4
Vistra
VST
$45.3B
| $446M | 5.87% |
17,000,000
-6,228,843
| -27% | -$152M |
2017 Q2
24 quarters
|
|
5
DELISTED
Sitio Royalties
STR
| $340M | 4.47% |
12,935,120
| – | – |
2022 Q3
3 quarters
|
|
|
6
Garrett Motion
GTX
$3.86B
| $334M | 4.39% |
44,082,816
+40,489,705
| +1,127% | +$325M |
2021 Q2
8 quarters
|
|
7
Runway Growth Finance
RWAY
$275M
| $260M | 3.42% |
21,054,667
| – | – |
2021 Q4
6 quarters
|
|
|
STKL
8
DELISTED
SunOpta
STKL
| $139M | 1.83% |
20,726,126
| – | – |
2017 Q1
25 quarters
|
|
9
NMI Holdings
NMIH
$2.86B
| $127M | 1.67% |
4,900,000
| – | – |
2014 Q3
35 quarters
|
|
10
Ally Financial
ALLY
$11.6B
| $124M | 1.64% |
4,600,000
-1,524,687
| -25% | -$40.5M |
2014 Q2
36 quarters
|
|
11
PUT
State Street SPDR S&P Oil & Gas Exploration & Production ETF
XOP
$3.95B
| $122M | 1.6% |
945,000
+495,000
| +110% | +$62M |
2022 Q4
2 quarters
|
|
12
DELISTED
Infinera Corporation Common Stock
INFN
| $122M | 1.6% |
25,175,384
| – | – |
2018 Q4
18 quarters
|
|
13
Petrobras
PBR
$119B
| $109M | 1.43% |
7,866,402
-196,137
| -2% | -$2.39M |
2020 Q1
13 quarters
|
|
|
14
Banco Bradesco
BBD
$29.4B
| $107M | 1.4% |
30,815,319
+9,521,068
| +45% | +$29.4M |
2019 Q4
14 quarters
|
|
15
Freeport-McMoran
FCX
$89.9B
| $105M | 1.38% |
2,627,805
-64,900
| -2% | -$2.47M |
2021 Q3
7 quarters
|
|
16
Vale
VALE
$50.8B
| $104M | 1.38% |
7,782,982
-589,885
| -7% | -$8.35M |
2020 Q3
11 quarters
|
|
17
Cemex
CX
$15.7B
| $103M | 1.35% |
14,489,032
| – | – |
2018 Q2
20 quarters
|
|
18
AngloGold Ashanti
AU
$49.6B
| $100M | 1.31% |
4,728,622
-853,760
| -15% | -$21.5M |
2013 Q4
38 quarters
|
|
19
PUT
State Street SPDR S&P 500 ETF Trust
SPY
$798B
| $95.3M | 1.25% |
215,000
-35,000
| -14% | -$14.7M |
2021 Q3
7 quarters
|
|
20
ICICI Bank
IBN
$124B
| $91.9M | 1.21% |
3,981,989
-87,279
| -2% | -$1.97M |
2014 Q3
35 quarters
|
|
21
CBL Properties
CBL
$1.49B
| $87.8M | 1.16% |
3,983,966
| – | – |
2021 Q4
6 quarters
|
|
22
DELISTED
Frontier Communications
FYBR
| $74.2M | 0.98% |
3,982,849
| – | – |
2021 Q2
8 quarters
|
|
23
Vista Energy
VIST
$6.33B
| $69.6M | 0.92% |
2,884,674
| – | – |
2019 Q3
15 quarters
|
|
24
FTAI Aviation
FTAI
$20B
| $64.4M | 0.85% |
2,033,110
| – | – |
2021 Q1
9 quarters
|
|
|
25
Infosys
INFY
$50.2B
| $59.5M | 0.78% |
+3,701,358
| New | +$57.9M |
2023 Q2
0 quarters
|
|
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SAM
Howard Marks's Q2 2023 Portfolio in Review
As of Q2 2023, Howard Marks held 304 positions worth $7.6B, down 16% from $9.04B the previous quarter. Its ten largest holdings account for 55% of the portfolio.
Howard Marks withdrew a net $1.96B in Q2 2023, closing 66 positions and reducing 20 holdings. Its most notable exit was Garrett Motion Inc. Series A Cumulative Convertible Preferred Stock, an estimated $612M position sold in full.
By sector, the portfolio is most concentrated in Energy at 33% of assets, up from 33% a quarter earlier, followed by Miscellaneous and Financials.
Against the trend, Howard Marks opened a new position in Infosys worth $59.5M.
- Howard Marks's largest Q2 2023 buy was Infosys: 3,701,358 shares worth $59.5M.
- Howard Marks added most to Garrett Motion in Q2 2023, an estimated $325M increase.
- Howard Marks's biggest Q2 2023 reduction was Vistra, cutting an estimated $152M.
- Howard Marks fully exited Garrett Motion Inc. Series A Cumulative Convertible Preferred Stock in Q2 2023, selling an estimated $612M.
- Howard Marks's ten largest holdings make up 55% of its $7.6B portfolio in Q2 2023.
- Howard Marks opened 7 new positions and closed 66 in Q2 2023.
- Howard Marks's portfolio value fell 16% quarter-over-quarter to $7.6B.
Based on Oaktree Capital Management's 13F filing for Q2 2023, filed 14 Aug 2023.